New York, NY, United States (AHN) – Market researcher RealtyTrac reported Thursday that the number of U.S. homeowners receiving first-time default notices rose 14 percent from July to September. First-time default notices are the first step in a process that leads to repossession.

The increase is a sign that banks are once again moving forward at a rapid rate against homeowners who have fallen behind in their mortgage payments.

On a positive note, the rate was 34 percent lower than the same period a year ago.

Faster foreclosures could also mean a faster turnaround for the housing market, experts say. But they also caution that the market will not see a revival while a large number of foreclosures still exists.

It also took longer for a home to reach foreclosure. In the third quarter, it took an average of 336 days, or 11.2 months, for a U.S. home to go from receiving an initial notice to being foreclosed by a lender. That was up from 318 days, or 10.6 months, from the second quarter. RealtyTrac notes that is the longest time span for the foreclosure process since the first quarter of 2007.

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